https://www.taxtmi.com/caselaws?id=796595 Interest earned by a cooperative credit society on fixed deposits with a cooperative bank qualifies for deduction under Section 80P(2)(d), as the exclusion for specified cooperative banks does not deny the investing society's deduction. Under Section 57(iii), audit fees, employee welfare expenditure and common administrative expenses with a direct nexus to income earning are deductible, but gifts to retiring members and Covid-19 donations are not. Depreciation against income from other sources is unavailable unless the income falls within specified Section 56(2) categories. The society's final income must be taxed at the applicable cooperative-society slab rates rather than a flat rate. en-us Fri, 31 Jul 2026 00:00:00 +0530 Fri, 07 Aug 2026 09:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796595 Interest earned by a cooperative credit society on fixed deposits with a cooperative bank qualifies for deduction under Section 80P(2)(d), as the exclusion for specified cooperative banks does not deny the investing society's deduction. Under Section 57(iii), audit fees, employee welfare expenditure and common administrative expenses with a direct nexus to income earning are deductible, but gifts to retiring members and Covid-19 donations are not. Depreciation against income from other sources is unavailable unless the income falls within specified Section 56(2) categories. The society's final income must be taxed at the applicable cooperative-society slab rates rather than a flat rate. Case-Laws Income Tax Fri, 31 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796595